Allstate Corporation (The) (ALL) Short Interest Update
Allstate Corporation (The) (NYSE:ALL) saw a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 4,070,148 shares, a growth of 47.5% from the August 31st total of 2,758,839 shares. Currently, 1.1% of the shares of the company are sold short. Based on an average daily volume of 3,227,443 shares, the days-to-cover ratio is currently 1.3 days.
In other news, President Matthew E. Winter sold 48,059 shares of the stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $94.53, for a total transaction of $4,543,017.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Susan L. Lees sold 12,288 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $94.09, for a total value of $1,156,177.92. Following the transaction, the executive vice president now owns 73,511 shares of the company’s stock, valued at approximately $6,916,649.99. The disclosure for this sale can be found here. Insiders sold a total of 143,602 shares of company stock worth $13,272,624 in the last ninety days. 1.58% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the stock. Sandy Spring Bank increased its stake in Allstate Corporation (The) by 2.5% during the second quarter. Sandy Spring Bank now owns 1,165 shares of the insurance provider’s stock worth $103,000 after acquiring an additional 28 shares during the last quarter. Jackson Grant Investment Advisers Inc. lifted its stake in shares of Allstate Corporation (The) by 0.4% in the 2nd quarter. Jackson Grant Investment Advisers Inc. now owns 1,216 shares of the insurance provider’s stock valued at $108,000 after purchasing an additional 5 shares during the last quarter. IHT Wealth Management LLC lifted its stake in shares of Allstate Corporation (The) by 46.6% in the 2nd quarter. IHT Wealth Management LLC now owns 1,275 shares of the insurance provider’s stock valued at $113,000 after purchasing an additional 405 shares during the last quarter. FNY Partners Fund LP bought a new stake in shares of Allstate Corporation (The) in the 1st quarter valued at approximately $122,000. Finally, Bronfman E.L. Rothschild L.P. lifted its stake in shares of Allstate Corporation (The) by 8.5% in the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 1,550 shares of the insurance provider’s stock valued at $126,000 after purchasing an additional 122 shares during the last quarter. 76.13% of the stock is owned by hedge funds and other institutional investors.
Shares of Allstate Corporation (ALL) opened at 92.38 on Tuesday. The stock has a market capitalization of $33.38 billion, a price-to-earnings ratio of 13.65 and a beta of 1.08. The firm’s 50-day moving average is $91.21 and its 200 day moving average is $87.38. Allstate Corporation has a 52-week low of $66.55 and a 52-week high of $95.25.
Allstate Corporation (The) (NYSE:ALL) last posted its earnings results on Tuesday, August 1st. The insurance provider reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.48. Allstate Corporation (The) had a return on equity of 12.73% and a net margin of 7.02%. The firm had revenue of $8.02 billion during the quarter, compared to the consensus estimate of $7.99 billion. During the same period in the prior year, the company earned $0.62 EPS. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. Equities analysts expect that Allstate Corporation will post $5.79 EPS for the current year.
Allstate Corporation (The) announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, August 1st that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the insurance provider to repurchase up to 63% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Thursday, August 31st were paid a $0.37 dividend. The ex-dividend date of this dividend was Tuesday, August 29th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.60%. Allstate Corporation (The)’s payout ratio is currently 21.86%.
ALL has been the topic of a number of recent research reports. Barclays PLC upped their price target on shares of Allstate Corporation (The) from $101.00 to $107.00 and gave the company an “overweight” rating in a research note on Friday, August 11th. Citigroup Inc. increased their price objective on Allstate Corporation (The) from $97.00 to $102.00 and gave the stock a “buy” rating in a report on Thursday, July 13th. Deutsche Bank AG downgraded Allstate Corporation (The) from a “buy” rating to a “hold” rating and raised their target price for the stock from $90.00 to $96.00 in a research note on Tuesday, August 8th. Morgan Stanley restated an “equal weight” rating and issued a $91.00 target price (up previously from $85.00) on shares of Allstate Corporation (The) in a research note on Thursday, July 6th. Finally, BidaskClub lowered Allstate Corporation (The) from a “buy” rating to a “hold” rating in a report on Wednesday, August 16th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $90.62.
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About Allstate Corporation (The)
The Allstate Corporation (Allstate) is a holding company for Allstate Insurance Company. The Company’s business is conducted principally through Allstate Insurance Company, Allstate Life Insurance Company and other subsidiaries. It is engaged in the property-liability insurance business and the life insurance, retirement and investment products business.
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